TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash March 27, 2022

Forex crisis now threatens macroeconomic stability

Like all countries in the world, Bangladesh too is facing volatility in the foreign exchange market. This was initially caused by the demand recovery and supply chain disruption as battered economies began recovering from the coronavirus pandemic. The volatility has exacerbated in the last one month because of Russia’s invasion of Ukraine and this is not only threatening to derail the rebound from the health crisis but also bringing about a bigger macroeconomic challenge for Bangladesh. Maintaining a stable exchange rate of the taka against the US dollar is a populist idea that prevailed in the mindset of both the government and commoners. The same thinking might still be dominating although the country seems to be facing a far bigger crisis than the pandemic. Between July and January, imports stood at $46.67 billion, up 46 per cent year-on-year, while exports increased 29 per cent to $27.97 billion, central bank data showed. Remittance declined 19.4 per cent to $16.68 billion at the same time. The exchange rate now stands at Tk 86.20 per US dollar compared to Tk 84.80 a year ago. This means the central bank has allowed the taka to depreciate in a certain range. Higher imports against moderate exports brought down Bangladesh’s foreign exchange reserves to $44.29 billion on March 23. This is way down from the $48 billion recorded in August last year.

Source: https://www.thedailystar.net/business/economy/news/forex-crisis-now-threatens-macroeconomic-stability-2991361

Edible oil prices have declined

Domestic edible oil prices have declined as refiners reduced their rates after the government drastically cut the value added tax (VAT) on the key cooking ingredient in a bid to ease the pressure on consumers who are being battered by rising food inflation. The price of loose palm oil, the most widely used type of edible oil, has fallen by as much as 12 per cent to Tk 131-136 per litre in Dhaka city, where the same amount would cost Tk 150-155 a week ago, according to data on market prices compiled by the Trading Corporation of Bangladesh (TCB). The NBR initially removed the 15 per cent VAT, a kind of consumption tax paid by consumers, at the production stage and 5 per cent at the trading stage. The government reduced the price of soybean oil by up to 5 per cent on March 20 after a meeting with edible oil refiners. Processors later cut prices of loose palm oil as well.

Source: https://www.thedailystar.net/business/economy/news/edible-oil-prices-cool-2991346

SME Foundation seeks Tk300cr for women entrepreneurs

After the successful implementation of the stimulus package, this time the SME Foundation has asked for a fund of Tk300 crore to help women entrepreneurs shake off the Covid-19 pandemic blues. Tk200 crore has been sought for Covid-walloped women entrepreneurs in rural areas and an allocation of Tk100 crore for the formation of Women Entrepreneurship Development Fund in light of the National SME Policy-2019. Some 3108 entrepreneurs, mostly small and medium entrepreneurs from marginal areas, received the loan. Of the entrepreneurs, 23.70% were women.

Source: https://www.tbsnews.net/economy/sme-foundation-seeks-tk300cr-women-entrepreneurs-391910

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,861.24
↑ 153.30↑ 0.44 %
FTSE100$ 7,483.35↑ 15.97 ↑ 0.21 %
Nikkei 225$ 28,149.84↑ 39.45↑ 0.14 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 113.90↑ 1.56↑ 1.39 %
Crude Oil (Brent)$ 120.65↑ 1.62↑ 1.36 %
Gold Spot$ 1,958.29↑ 0.60↑ 0.03 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 86.2000
GBP 1BDT 113.8443
EUR 1BDT 94.8717

*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<

* Exchange Rates are taken from BB website, as on latest update.<




Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited